VR Hardware - Europe

Europe

Highlights

Revenue in the VR Hardware market market withEurope is projected to reach US$3.2bn in 2024.
Revenue is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 9.40%, leading to a projected market volume of US$5.0bn by 2029.
Although most revenue is generated China, it is essential to note the significance of the European market.
In the VR Hardware market sector, the number of users in Europe is anticipated to amount to 45.9m users by 2029.
User penetration in Europe will be 4.7% in 2024 and is projected to increase to 5.9% by 2029.
The average revenue per user (ARPU) in Europe is expected to be US$87.1.
In Europe, the VR hardware market is experiencing a surge in demand as businesses increasingly adopt immersive technologies for training and remote collaboration.

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The VR Hardware market in Europe is experiencing significant growth and development, driven by customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Europe are increasingly shifting towards immersive and interactive experiences, which is fueling the demand for VR Hardware.

Consumers are seeking new ways to engage with digital content, whether it be for entertainment, gaming, or professional purposes. VR Hardware offers a unique and immersive experience that allows users to feel like they are part of the virtual world, enhancing their overall satisfaction and enjoyment. Trends in the market are also contributing to the growth of the VR Hardware market in Europe.

One of the key trends is the increasing adoption of VR technology in various industries, such as healthcare, education, and tourism. For example, VR is being used in medical training to simulate surgical procedures, in classrooms to enhance learning experiences, and in the tourism industry to provide virtual tours of destinations. These applications are driving the demand for VR Hardware and opening up new opportunities for market growth.

Local special circumstances in Europe are also playing a role in the development of the VR Hardware market. Europe has a strong gaming and entertainment industry, with a large number of gamers and tech-savvy individuals. This tech-savvy population is more open to adopting new technologies and is driving the demand for VR Hardware.

Additionally, Europe has a well-established infrastructure and a high level of internet penetration, which supports the use of VR Hardware and enables seamless connectivity. Underlying macroeconomic factors are also contributing to the growth of the VR Hardware market in Europe. The European economy is stable and growing, which has led to increased consumer spending power.

As a result, consumers are more willing to invest in VR Hardware and other innovative technologies. Furthermore, the European Union has been actively supporting the development of the VR industry through funding and policy initiatives, which has created a favorable environment for market growth. In conclusion, the VR Hardware market in Europe is experiencing significant growth and development due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors.

The shift towards immersive experiences, the increasing adoption of VR technology in various industries, the tech-savvy population, the well-established infrastructure, and the stable economy are all contributing to the expansion of the market. As the demand for VR Hardware continues to grow, it is expected that the market will further evolve and innovate to meet the needs of consumers in Europe.

Data coverage:

The data encompasses B2C enterprises. Figures are based on VR hardware revenue, which includes digital spending on hardware (stand-alone and tethered units) that enables consumers to dive into the virtual world.

Modeling approach / market size:

The market size is determined through a top-down approach. We use annual financial reports of the market-leading companies and industry associations, as well as third-party studies and reports to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as consumer spending, internet penetration, 4G coverage, and historical developments.

Forecasts:

We apply a variety of forecasting techniques, depending on the behavior of the relevant market. For instance, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are level of digitalization, adoption of technology, GDP per capita, and internet penetration.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).